The adjusted trialbalance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,400 Rent Expense $20,900 Salaries Expense 45,800 Supplies Expense 5,700 Depreciation Expense 10,300 Retained Earnings 67,100 Dividends 9,100 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account?
The adjusted trialbalance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,400 Rent Expense $20,900 Salaries Expense 45,800 Supplies Expense 5,700 Depreciation Expense 10,300 Retained Earnings 67,100 Dividends 9,100 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The adjusted trialbalance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,400 Rent Expense $20,900 Salaries Expense 45,800 Supplies Expense 5,700
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